2011年对外经贸大学金融硕士MF金融学综合真题试卷_真题-无答案

2011年对外经贸大学金融硕士（MF）金融学综合真题试卷

(总分68,考试时间90分钟)

1. 单项选择题

单项选择题下列各题的备选答案中，只有一个是符合题意的。

1. 中国于2005年7月和2010年6月两次启动人民币汇率形成机制改革，两次汇改之间，人民币对美元汇率也从8．276 5调整到6．827 5，则人民币对美元( )。 A. 升值17．5％ B. 贬值17．5％ C. 升值21．2％ D. 贬值21．2％

2. Super公司2010年销售额为720万元，所有的销售均为赊销。同时，应收账款为90万元。如果1年以365天计算，该公司的平均收账期为多少天?( )。 A. 4．56天 B. 30．42天 C. 40．97天 D. 45．63天

3. 某抵押贷款的月利率为千分之6．6，则该抵押贷款的年利率为( )。 A. 7．92％ B. 9％ C. 8．21％ D. 以上答案均不对

4. 当贴现率和内部收益率相等时，则( )。 A. 净现值小于零 B. 净现值等于0 C. 净现值大0 D. 净现值不确定

5. 分散化可以充分降低风险，一个分散化组合剩下的风险是( )。 A. 单个证券的风险 B. 与整个市场组合相关的风险 C. 无风险证券的风险 D. 总体方差 6. 期货市场的主要功能是( )。 A. 降低交易成本并提高收益率 B. 风险转移与价格发现 C. 提供流动性并增加交易量 D. 风险分担与投机获利 7. 美国于( )通过了《金融服务现代法案》，标志着美国进入混业经营时代。 A. 1999年 B. 1998年 C. 2000年 D. 2008年

8. 某公司发展非常迅速，股利在今后3年预期将以每年25％的速率增长。其后增长率下降为每年7％。假如要求收益率是11％，公司当前每股支付2．25元的股利，当前价格为( )。 A. 94．55元 B. 86元 C. 109元 D. 126．15元

9. 股东可以通过下列哪种途径来约束管理层行为?( )。 A. 选举董事会，由董事会任命管理层 B. 被其他公司收购的威胁 C. 设立管理层薪酬体系，将管理层薪酬与公司绩效挂钩 D. 以上皆是 10. 作为银行的银行，中央银行的主要职能是( )。 A. 统一货币发行、调控货币供给 B. 集中金融机构的现金准备和“最后贷款人”

C. 代理国库、为政府筹措资金 D. 代表国家管理金融业

2. 判断题请判断下列各题正误。

1. 财务管理的目标是最大化公司的利润。( ) A. 正确 B. 错误

2. 根据费雪方程，实际利率等于名义利率减去当期通货膨胀率。( ) A. 正确 B. 错误

3. 最优资本结构理论认为，盈利好的企业负债率应该高。( ) A. 正确 B. 错误

4. 在为股东创造价值这一前提下，如果一个项目的净现值为正，则应该投资。( ) A. 正确 B. 错误

5. 英国是世界上最早建立存款保险制度的国家。( ) A. 正确 B. 错误

6. 权益的账面价值和市场价值一般不相等。 A. 正确 B. 错误

7. 商业银行的表外业务是在其资产负债表内业务的基础上发展起来的，它与一般中间业务的区别在于它在一定条件下可能会转化为表内业务。( ) A. 正确 B. 错误

8. 由于“信贷配给”的存在，信贷市场的利率并不是一个使信贷市场供求相等的均衡利率，而是一个比均衡利率更高的利率。( ) A. 正确 B. 错误

9. 如果X公司的销售利润率高于Y公司，则X公司的股本收益率一定高于Y公司。( ) A. 正确 B. 错误

10. 在一国政府税收一定的情况下，如果一国的国内储蓄大于国内投资，则该国经常账户会出现顺差。( )

A. 正确 B. 错误

3. 名词解释题 1. 优序融资理论 2. 监管套利 3. 有效市场假说 4. 汇率超调

4. 综合题

1. 已知，市场证券组合的预期回报为0．12，无风险利率0．05，市场证券组合的标准差为0．1．用下列数据计算：(1)计算由A、B组成的投资组合的β。 (2)根据CAPM，计算该组合的预期收益率。 (3)计算这一资产组合的风险溢价。

2. 表24是某商业银行的资产负债表：请根据该行的资产负债表： (1)请根据提供的资料计算该行的缺口率。 (2)如果利率处于上升通道，你对该银行的资产负债管理有何具体建议?说明理由。

5. 证明题

1. 证明利率的预期理论表达式，并作图说明收益曲线的形状。

6. 论述题

1. 简述有效市场假说的三种形式，并列举三个违背有效市场假说的异常现象?

2. 请运用通货膨胀理论，分析2010年是否存在通货膨胀预期?如果存在，起因是什么?你认为应采取怎样的货币政策。

3. 金融创新导致传统银行业务的衰落，表现为传统银行业务的规模和盈利能力的降低。请分析为什么?银行业应对金融创新的措施有哪些?

7. 英译汉

1. Financial institutions deal with financial assets，assets that promise fluture payments flrom financial contracts．such as securities and loans．These instjtutions also deljver services， relying on their reputations to attract customers for relationships often based on trust．Similarly，a nonfinancial business expects future benefits in the form of cash from sales of its tangible and service products as well as from owning a recognizable trademark or slogan or a patent on a production process．Because so many things are assets，it is convenient to divide them into two major subsets：real assets and financial assets．Real，tangible assets are those expected to provide benefits based on their fundamental qualities．A person’s home transfers **mensurate with the quality of its construction，its location，and its size．A corporation’s **puter provides benefits based on its speed．the size of its memory，the ease of its use，and the frequency with which it needs repair．A financial asset，in contrast．is a contract that offers a promise of payment in the future from the party that issued the contract． Like other businesses，a financial institution acquires and uses assets so that the value of their bene．fits exceeds their costs．The key difference between financial institutions and other firms is that most of the assets that financial institutions hold aye financial assets．Financial institutions use funds flrom their own creditors and owners to acquire financial claims against others．They may lend funds to individuals．businessesand governments or they may purchase ownership shares in other businesses．The furure benefits that

financial institutions expect to receive thus depend on the performance of the parties whose financial liabilities they purchase．The main distinction between financial institutions and other 6nns is not s0 much in how they raise funds，because all businesses issue financial liabilities to do so．but in what they do with these funds．

2. Federal Reserve policymakers clashed over the benefits and risks of launching a MYM600 billion program to rejuvenate the economy，but voted for it anyway．According to minutes of their closed．door deliberations released Tuesday．Despite anear unanimous 10-1 vote in support of the program．the minutes from the Nov．2-3 meeting show that some Fed officials had concerns about embarking on a second round of stimulus． The Fed also discussed at the October meeting whether to adopt an explicit inflation target but decided against it．Inflation has been running below the Fed’s comfort zone of between 1．5 percent and 2 percent．That spurred some concern of deflation． Explaining the need for more stimulus，the Fed said that progress on its kev dual mission 0f maximizing employment and making sure prices are on an even keel had been“disappointingly slow．”In fact．the Fed downgraded its forecasts for this year and next．Fed officials said that economic growth would be weaker and unemployment higher than previously estimated in June．

3. Two major themes are pursued．The first theme is that investment is notoniy the engine of economic growth in China but also the main source of technological progress，productivity growth and stmcrural change．In developing this argument，James Riedel，Jing Jin and Jian Gao provide in Chapter 1 a brief review of China’s economic reforms and their outcomes in the four economic sectors agriculture．industry， foreign trade and finance．They conclude that the financial sector is the weakest and the most crucial for sustaining growth in the future．In Chapter 2．reviewing recent studies of China’s growth，Riedel，Jin and Gao find that these have not been able to explain economic growth in China，because thev do not consider independent technological improvement over the past two decades．The authors thereflore challenge conventional growth theory，and argue that the function of investment is not iust to replace obsolete capital but more importantly to upgrade technology in the economy：technological change and investment are part and parcel of the same thing．Changing technology requires investment．and investmen tinevitably involves technological change．As a result，investment not only drives China，s economic growth but is also the main source of technological progress，productivity growth and structural change．This argument is probably the book’s most valuable contribution；it also serves as the foundation for the discussion of issues in Chinese financial sector in the rest of the book．